INDIANAPOLIS & ST. LOUIS--(BUSINESS WIRE)--Monsanto Company (NYSE: MON) and Dow AgroSciences LLC, a subsidiary of
The Dow Chemical Company (NYSE: DOW), have reached new cross-licensing
agreements for creation of the next generation of advanced weed and
insect control technology in corn. Monsanto will license Dow
AgroSciences’ new Enlist™ Weed Control System herbicide-tolerant trait
for use in field corn. Dow AgroSciences will license Monsanto’s third
generation corn rootworm technology, Corn Rootworm III, which is
presently under development by Monsanto and offers a new mode of action
for rootworm control. The agreement paves the way for introduction
(pending regulatory approvals) of next-generation products that build
off the current SmartStax® platform, which includes Dow’s Herculex® and
Monsanto’s insect resistance and herbicide-tolerance traits. Financial
terms of the agreement were not disclosed.

These technologies are expected to be introduced in each company’s
respective elite, proprietary germplasm and sold competitively by both
companies as next-generation weed and insect control products. The
agreements build on the competitive standard set by SmartStax®* for
stacked-trait corn offerings in providing added value for farmers in
their ongoing need to secure higher yields despite wide-ranging
pressures from damaging pests. This creates the opportunity to bring
together for the first time three different modes of action for
below-ground insect control in a corn product.

Stacked trait products are particularly valuable for combating pest
resistance and preserving trait durability. Weed resistance is also a
challenge facing agriculture, and Enlist is a next-generation system
that combines innovative traits providing tolerance to 2,4-D and FOPs,
novel herbicides and stewardship, offering two modes of action for weed
control to deliver performance that farmers need now. Monsanto is the
first licensee of the Enlist trait in corn.

“This agreement takes the outstanding value offered by SmartStax
technology to a new level, allowing growers increased flexibility with
highly effective new modes of action for weed and insect management,”
said Antonio Galindez, Dow AgroSciences president and CEO. “Adding
advanced new traits to SmartStax – including our Enlist corn trait –
delivers on our company’s business objective of providing better
solutions for the growing world.”

“This agreement builds on the success we had with the original SmartStax
agreement, showing that as both companies innovate, we’ll continue to
bring the best products to farmers,” said Brett Begemann, Monsanto’s
president and chief commercial officer. “We continue to look for
additional modes of action that offer benefit to our farmer customers
and complement our existing offerings while ensuring the sustainability
and durability of the Roundup Ready® system. Dow’s Enlist trait is an
excellent addition, specifically in its FOPs tolerance offering. We’re
also pleased this paves the way to make Monsanto’s Corn Rootworm III
trait available in SmartStax in the future as well as in Dow’s corn
products.”

Under the agreements:

Monsanto and Dow AgroSciences will license to each other, under
royalty-bearing agreements, traits for weed control as well as insect
protection in corn. Specifically:

Dow AgroSciences will license to Monsanto its proprietary Enlist
corn herbicide-tolerant trait on a non-exclusive basis.

Monsanto will license to Dow its third generation corn rootworm
technology, Corn Rootworm III, on a non-exclusive basis.

The agreement paves the way for U.S. introduction (pending regulatory
approvals) of new, next-generation SmartStax products by the end of
the decade.

Monsanto will represent both parties for joint third-party licensing
of the next-generation SmartStax corn to third-party seed companies
through its Corn States business, allowing farmers access to cutting
edge technology in the brands they prefer.

Dow AgroSciences will out-license the rights to the Enlist trait
technology.

Both parties will retain the right to independently stack additional
trait technologies.

Monsanto Company is a leading global provider of technology-based
solutions and agricultural products that improve farm productivity and
food quality. Monsanto remains focused on enabling both small-holder and
large-scale farmers to produce more from their land while conserving
more of our world's natural resources such as water and energy. To learn
more about our business and our commitments, please visit: www.monsanto.com.
Follow our business on Twitter® at www.twitter.com/MonsantoCo,
on the company blog, Beyond the Rows at www.monsantoblog.com,
or subscribe to our News
Release RSS Feed.

About Dow AgroSciences

Dow AgroSciences, based in Indianapolis, Indiana, USA, develops
leading-edge crop protection and plant biotechnology solutions to meet
the challenges of the growing world. Dow AgroSciences is a wholly owned
subsidiary of The Dow Chemical Company and had annual global sales of
$6.4 billion in 2012. Learn more at www.dowagro.com.
Follow Dow AgroSciences on Facebook
and YouTube
or subscribe to our News
Release RSS Feed.

About Dow

Dow (NYSE: DOW) combines the power of science and technology to
passionately innovate what is essential to human progress. The Company
connects chemistry and innovation with the principles of sustainability
to help address many of the world's most challenging problems such as
the need for clean water, renewable energy generation and conservation,
and increasing agricultural productivity. Dow's diversified
industry-leading portfolio of specialty chemical, advanced materials,
agrosciences and plastics businesses delivers a broad range of
technology-based products
and solutions to customers in approximately 160 countries and in high
growth sectors such as electronics, water, energy, coatings and
agriculture. In 2012, Dow had annual sales of approximately $57 billion
and employed approximately 54,000 people worldwide. The Company's more
than 5,000 products are manufactured at 188 sites in 36 countries across
the globe.
References to "Dow" or the "Company" mean The Dow Chemical Company and
its consolidated subsidiaries unless otherwise expressly noted. More
information about Dow can be found at www.dow.com.

This release contains “forward-looking statements” which reflect the
companies’ current expectations and currently available information.
These forward-looking statements are subject to risks and uncertainties
and are based onassumptions and estimates which could be
inaccurate. Actual results could vary materially from those anticipated
or expressed in any forward-looking statement made by the companies due
to a number of factors, including without limitation technological
uncertainties facing the companies continued competition in the
companies’ businesses; the companies’ exposure to various contingencies,
including those related to intellectual property protection, regulatory
compliance and the speed with which approvals are received, and public
acceptance of biotechnology products; the success of the companies’
research and development activities; compliance with regulations
affecting manufacturing; and the effect of weather conditions, natural
disasters and accidents on the agriculture business or facilities.
Additional risks factors related to Dow AgroSciences and Monsanto are
detailed in The Dow Chemical Company’s and Monsanto’s respective
periodic filings with the SEC. Undue reliance should not be placed on
these forward-looking statements, which are current only as of the date
of this release. The companies disclaim any obligation or intent to
update the forward-looking statements in order to reflect events or
circumstances after the date of this release, except as otherwise may be
required by securities and other applicable laws.